When you insert an Excel file into a Word document, the data are-

The correct answer is Linked.

Key Points

• When you insert an Excel file as a linked object, the data remains in the original file. 
• This means that any changes you make to the data in the Excel file will be reflected in the Word document.

Additional Information 

• Hyperlinked: This option would only create a link to the original Excel file, not embed the actual data.
• Placed in a word table: This option could be used if you copy and paste the data from Excel, but it wouldn't maintain the link to the original file.
• Embedded: This option would embed the data from the Excel file into the Word document. This means that the data would be no longer linked to the original file and would not be updated if the original file is changed.